OCBC Mighty Savers

[BbpHir3]

If it's just a case of changing trustee name, you can still stay on with OCBC actually. I've asked them before ... no problems with the same toddler having 2 Mighty Savers account, but 2 different trustees respectively. Along those lines, you can easily close the present account & using the money left in there to open another account where you are the trustee.
:wink: :wink:

ic.. but i dun really wan the OCBC acct.. hahahaha... standard charter got kids acct anot?

 

[VroomVroomBoys]

I was wowed by the display of gifts so I thought we gonna get that as well . It was after Chinese New Year . Then deposit 2k give only 1 pathetic gift . Hb and I was like Chey pathetic . I didn't know I got bluffed big time until I read cancanmummy post .
Can write in complain anot ?

Of course you can write in ... but unless you still know that particular staff's name, else also quite meaningless.
I suggest you take the easier way out ... terminate this account & open another one: with a week's break in between & at another branch, if you wanna retain the same trustee name.
This way, you'd see justice still done ... in the sense that you'd now get the proper gifts for the $1k deposit. In fact, you can separate the $2k into 2 deposits if you are keen to get both sets of the gift.
:wink: :wink:

 

[Daddy D]

I was wowed by the display of gifts so I thought we gonna get that as well . It was after Chinese New Year . Then deposit 2k give only 1 pathetic gift . Hb and I was like Chey pathetic . I didn't know I got bluffed big time until I read cancanmummy post .
Can write in complain anot ?

Complain for mis-selling ah? Must Q up behind those Lehman/High Notes/etc... gone case lah

 

[VroomVroomBoys]

ic.. but i dun really wan the OCBC acct.. hahahaha... standard charter got kids acct anot?

StanChart has kids account but their rule dictates that each month must deposit $50 by GIRO. Read more here: http://www.standardchartered.com.sg/deposits/esaver-kids-account.html

Bottom-line: StanChart is a global bank ... they dun have special treatment for Singaporeans, they just wanna earn money.
In contrast, POSB, OCBC & UOB are local banks which are supposed to have special treatment for Singaporeans ... but unfortunately, UOB is interested not in the kids' savings.
:wink: :wink:

 

[CanCanMum]

My a/c is for my DS so don't think he's applicable for CDA right ?

lols

mebbe juz nice tat day u were attended by a new staff tats why....neb mind la....savings is good. U oso got nothing to lose.

 

[CanCanMum]

I was wowed by the display of gifts so I thought we gonna get that as well . It was after Chinese New Year . Then deposit 2k give only 1 pathetic gift . Hb and I was like Chey pathetic . I didn't know I got bluffed big time until I read cancanmummy post .
Can write in complain anot ?

u can write in but becoz it does not constitute mis-selling, so it may juz be wrong info....but u've nothing to lose in terms of monetary ways so perhaps juz leave it lor. Anyway i dink there is interests oso.

 

[CanCanMum]

Complain for mis-selling ah? Must Q up behind those Lehman/High Notes/etc... gone case lah

erm...personally i do not think it is mis-selling. I got a case from a local bank before regarding their unit trusts. They really sell me the wrong product to me.. claimed "NO LOSS OF MONEY". But they did not tell me they will charge an admin fee for the transaction, ie. about $600. That is indeed mis-selling. They even ticked on the box "I had been explained clearly the share component of the product" (Which means admin fee or in plain terms, commission) when they took my signed copy to photocopy. Who would know they ticked the box on my signed copy???? Terrible pple, I was not able to win the case. My $600 forfeited, from CPF. Tat was 5 years ago, when my main intention is to set aside in a fixed deposit account using CPF when i buy my HDB flat so tat the deduction will not be exhausted.

 

[CJmom]

Then you kena bluffed big time lor.
For $1k deposits, you should be getting at least a pair of night lights or a set of lunchboxes ... I chose the latter when I topped up $1k just last month.
:brolleyes: :brolleyes:

Erh.. when you all open those kids accounts is it just like normal saving accounts with nothing to do with CDA? Is it right understanding that CDA only applicable for 2nd child onwards? I didn't open any a/cs for my first boy ley...

 

[CanCanMum]

Erh.. when you all open those kids accounts is it just like normal saving accounts with nothing to do with CDA? Is it right understanding that CDA only applicable for 2nd child onwards? I didn't open any a/cs for my first boy ley...

CDA is now applicable for first child le....since Aug 2008 i dink.

All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA).

If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.

 

[Queenbabe]

Children Development Co-Savings (Baby Bonus) Scheme

Children bring joy to the family. The Baby Bonus Scheme supports parents’ decision to have more children by helping to lighten the financial costs of raising children. It was introduced on 1 April 2001 and enhanced on 1 August 2004. The latest enhancements on 17 August 2008 extended increased benefits to the first and second child and benefits to Singapore citizen children beyond the fourth child.

You will get a cash gift of up to $4,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child. All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.

The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age. The savings will be matched up to the cap of $6,000 each for the 1st and 2nd child, $12,000 each for the 3rd and 4th child and $18,000 each for the fifth and subsequent child. The Government will match your savings in the following month.

The savings in the CDA may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme. These include child care centres, kindergartens & special education schools registered with the Ministry of Education, and early intervention programmes registered with the National Council of Social Service. The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children and pay for all your children’s medical-related expenses. These would include consultation fees, treatment fees and prescription costs incurred at healthcare institutions.

Baby Bonus One-Stop Service
To make it more convenient for you to join the Baby Bonus Scheme, a one-stop service is available at the birth registration counters at the hospitals and the Immigration & Checkpoints Authority (ICA). The hospitals are East Shore Hospital, Gleneagles Hospital, KK Women’s and Children’s Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, National University Hospital, Raffles Hospital, Singapore General Hospital and Thomson Medical Centre.

 

[CanCanMum]

darling no. 5, dun tell me u wrote these?

llols!!

 

[Queenbabe]

lol , u think i so power or writing essay .. i copy & paste lah Cancan dar ..
previously think i give wrong info to one of the mummy here .. Paiseh
Wau lau , this babybonus thing confusing people only .
Think must interview those give birth after AUG 2008 mummy , Anyone ?

 

[CJmom]

CDA is now applicable for first child le....since Aug 2008 i dink.

All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA).

Thanks, CanCanMum. Shucks, my 1st child is before 17 Aug 08. So gotta wait for second one.

 

[CJmom]

If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.

The savings will be matched up to the cap of $6,000 each for the 1st and 2nd child,

This BBS very confusing indeed. So if my 2nd child is born after 17 Aug 08, can i "tongbang" and open a CDA for my 1st child as well? So that it mean that:
a) My 1st and 2nd child will EACH have a CDA where each can have a max savings of $6,000? Or
b) Only 2nd child will have a CDA with a max savings of $6,000 but I can use this $ for either child?

 

[CJmom]

Thought giving birth is tough enuff but getting $ is even harder.

 

[Queenbabe]

haha ya but at least still got some $ although not much but better than lastime

 

[VroomVroomBoys]

This BBS very confusing indeed. So if my 2nd child is born after 17 Aug 08, can i "tongbang" and open a CDA for my 1st child as well? So that it mean that:
a) My 1st and 2nd child will EACH have a CDA where each can have a max savings of $6,000? Or
b) Only 2nd child will have a CDA with a max savings of $6,000 but I can use this $ for either child?

Actually everything is clearly stated in the MCYS website: Baby Bonus

If you really want the best for your children, is spending 15 minutes reading through the "game rules" too much to ask?
If you just rely on everything Ms Elaine has "cut & pasted" ... & end up you lose out, then is she supposed to be responsible for compensating your losses?
:biggrin: :biggrin:

IMHO, you found the whole thing very confusing becoz your mind is already set on wanting as much baby bonus as possible for your 1st child as well.

However, the facts relating to your case (ie, 2 children) is as follows:

1) there are 2 components to the baby bonus: cash gift ($3k in the past, $4k for those born on or after 17 Aug 08) & CDA (ie, government's dollar-for-dollar matching).

2) where cash gift for the 1st or 2nd child is concerned, it all depends on when the child is born:
~ on or after 17 Aug 08 = $4k
~ between 1 Aug 04 & 16 Aug 08 = $3k
~ before 1 Aug 04 = $0

3) where CDA for the 1st child is concerned, it is dependent on when he was born:
~ on or after 17 Aug 08 = $6k, provided you have saved up $6k in his CDA account by 31 Dec of the year your child turns 6
~ before 17 Aug 08 = $0

4) where CDA for the 2nd child is concerned, it is also dependent on when the child was born:
~ on or after 1 Aug 04 = $6k, provided you have saved up $6k in his CDA account by 31 Dec of the year your child turns 6
~ before 1 Aug 04 = $0

5) CDA is a special account where you will be given a ATM card. With this ATM card, you can make payments for any of your children at any "approved institutions" ... including childcare centres, kindergartens & special schools who have signed up with MCYS. CDA can also be used to pay for MediShield or MediSave-approved insurance plans for your children, as well as all medical-related expenses incurred at approved healthcare institutions.

Hope you dun end up suffering from indigestion after reading this posting ... :rofl: :rofl:

 

[VroomVroomBoys]

Where coin deposits are concerned, it's the same for OCBC or POSB ... for the Mighty Savers or Kids accounts respectively, they entertain up to 200 pieces at each deposit, if you go in on their stipulated "coin exchange" days ... same deal even if you are using the coin deposit machines (on any days).
Any deposit above the 200 pieces, you will be paying "service charges" ... totally not worth it if you are making deposits of $0.20 coins or less: just imagine $1 charge for 200 pieces of $0.10 ... or even worst, 200 pieces of $0.05!!

This is also why we only put away $1 & $0.50 coins ... :wink: :wink:
For Sundays at OCBC, they entertain no limits on the coin depositis ... you can even bring in your garang-guni sack's worth, if you dun mind the questioning stares of course.

Was at OCBC just now ... & end up realising they've actually changed this "service charge" thing wef 1 Sep 08.
While it was "$1 service charge for every 200 pieces of coins deposited (or part-there-of)", it is now "$1.50 service charge for every 100 pieces of coins deposited (or part-there-of)" ... lagi not worth it if you are depositing 5c, 10c or 20c coins.
Imagine 100 pieces of 5c coins ... that's like depositing $5 but end up as $3.50, becoz $1.50 goes to the bank as "service charge".
:1err: :1err:

 

[Queenbabe]

The cut & paste is all from the babybonus website
If still really unsure abt anything , just call up MCYS , thanks ..

 

[july-winter]

Was at OCBC just now ... & end up realising they've actually changed this "service charge" thing wef 1 Sep 08.
While it was "$1 service charge for every 200 pieces of coins deposited (or part-there-of)", it is now "$1.50 service charge for every 100 pieces of coins deposited (or part-there-of)" ... lagi not worth it if you are depositing 5c, 10c or 20c coins.
Imagine 100 pieces of 5c coins ... that's like depositing $5 but end up as $3.50, becoz $1.50 goes to the bank as "service charge".
:1err: :1err:

this is very strange...

The other day I went to NorthPoint OCBC where there have the coin deposit machine. I go dump all the 5 cent, 10 cent, 20 cents in one lump into the coin deposit machine and i was not charged for coin service charge for the mighty saver account only.